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作者：Flammer, Caroline; Kacperczyk, Aleksandra
作者单位：Western University (University of Western Ontario); Massachusetts Institute of Technology (MIT)
摘要：In this study, we assess the causal impact of stakeholder orientation on innovation. To obtain exogenous variation in stakeholder orientation, we exploit the enactment of state-level constituency statutes, which allow directors to consider stakeholders' interests when making business decisions. Using a difference-in-differences methodology, we find that the enactment of constituency statutes leads to a significant increase in the number of patents and citations per patent. We further argue and...
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作者：Cappelen, Alexander W.; Reme, Bjorn-Atle; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：We study how leader compensation affects public goods provision. We report from a lab experiment with four treatments, where the base treatment was a standard public goods game with simultaneous contribution decisions, and the three other treatments allowed participants to volunteer to be the leader in their group and make their contribution before the others. In the three leader treatments, we manipulated the level of compensation given to the leader. Our main finding is that a moderate compe...
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作者：Ecken, Philipp; Pibernik, Richard
作者单位：University of Wurzburg; European Business School (EBS) University
摘要：Managers and policy makers frequently face crucial strategic decisions that inevitably rely on judgments about relevant future events. These judgments are often characterized by very high uncertainty and the absence of experience from previous good or bad judgments. Judgments of other experts are oftentimes an important-sometimes the only-source of additional information to reduce uncertainty and improve judgment accuracy. However, in many practical situations, decision makers have very limite...
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作者：Rujeerapaiboon, Napat; Kuhn, Daniel; Wiesemann, Wolfram
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Imperial College London
摘要：The growth-optimal portfolio is designed to have maximum expected log return over the next rebalancing period. Thus, it can be computed with relative ease by solving a static optimization problem. The growth-optimal portfolio has sparked fascination among finance professionals and researchers because it can be shown to outperform any other portfolio with probability 1 in the long run. In the short run, however, it is notoriously volatile. Moreover, its computation requires precise knowledge of...
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作者：Simeth, Markus; Cincera, Michele
作者单位：Universidad Carlos III de Madrid; KU Leuven; Universite Libre de Bruxelles; Solvay SA
摘要：Many firms actively disclose research findings in scientific peer-reviewed journals. The literature highlights several potential benefits of such scientific boundary-spanning activities, including privileged access to academic information networks. However, scientific disclosure may lead to unintended knowledge spillovers. It remains unclear whether active engagement in science leads to higher returns. This paper investigates the impact of scientific activities on the firm's market value, usin...
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作者：Chen, Fangruo; Lai, Guoming; Xiao, Wenqiang
作者单位：Columbia University; University of Texas System; University of Texas Austin; New York University
摘要：In the producer-seller relationship, the seller, besides his role of selling, is often in an ideal position to gather useful market information for the producer's operations planning. Incentive alignment is critical to motivate both information-acquisition and sales efforts. Two popular contract forms are investigated. One is the forecast-based contract (FC) that requires the seller to submit a demand forecast: the seller obtains commissions from the realized sales but is also obliged to pay a...
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作者：Guajardo, Jose A.; Cohen, Morris A.; Netessine, Serguei
作者单位：University of California System; University of California Berkeley; University of Pennsylvania; INSEAD Business School
摘要：We study the impact of service attributes (warranty length, after-sales service quality) on consumer demand in the U.S. automobile industry, examining the presence of complementarities/substitution between service attributes and product quality. Our results estimate a median willingness to pay for one year of a warranty of approximately $850, which is equivalent to 3.1% of the median vehicle price in our sample. We find that, for a car with median characteristics, the effect on consumer utilit...
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作者：Chen, Fangruo; Lai, Guoming; Xiao, Wenqiang
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作者：Rajan, Raghuram G.; Ramcharan, Rodney
作者单位：University of Chicago; University of Southern California
摘要：The McFadden Act of 1927 was one of the most hotly contested pieces of legislation in U.S. banking history, and its influence was felt over half a century later. This paper studies the congressional voting behavior surrounding the act's passage. We find that congressmen in districts in which landholdings were concentrated and credit was costlier were significantly more likely to oppose the act. The evidence suggests that whereas the law and the overall regulatory structure can shape the financ...
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作者：Hu, Yu (Jeffrey); Shin, Jiwoong; Tang, Zhulei
作者单位：University System of Georgia; Georgia Institute of Technology; Yale University
摘要：The multibillion-dollar online advertising industry continues to debate whether to use the cost per click (CPC) or cost per action (CPA) pricing model as an industry standard. This paper applies the economic framework of incentive contracts to study how these pricing models can lead to risk sharing between the publisher and the advertiser and incentivize them to make efforts that improve the performance of online ads. We find that, compared with the CPC model, the CPA model can better incentiv...
